Vancouver-based Landa Global Properties has acquired the foreclosed Elm41 project from iFortune Homes for $14 million, as reported by STOREYS. The Elm41 development, located at 2465 West 41st Avenue in Vancouver's Kerrisdale neighborhood, was initially planned by Richmond-based iFortune Homes as a 23-unit condominium building. The project had progressed to accepting pre-sale registrations before financial difficulties led to foreclosure proceedings.

In the third quarter of 2024, Canada's commercial real estate market presented a mix of positive and negative trends, reflecting the country's evolving economic landscape. The Canadian Real Estate Association (CREA) reported a decline in non-residential building permits, indicating potential challenges ahead. Conversely, the Bank of Canada's recent interest rate cuts and a decrease in inflation have provided some optimism for the sector.

Mortgage rates have been a focal point for Canadians, especially with recent fluctuations. Understanding the factors that influence these rates can help homeowners and potential buyers make informed decisions. Four primary elements play a crucial role in determining whether mortgage rates will continue to decline: economic indicators, central bank policies, bond market trends, and housing market dynamics.

In the third quarter of 2024, Canada experienced a significant departure of non-permanent residents (NPRs), with approximately 249,700 individuals leaving the country. This marks an 85% increase compared to the same period the previous year, representing the largest outflow on record since data collection began in 2021.

Canada is facing economic challenges as mortgage rates are expected to rise, and Toronto's job market ranks among the worst in the country. The Bank of Canada has implemented three interest rate cuts since June 2024, yet Canadians continue to experience financial strain. High household debt, increasing rents, and the structure of Canadian mortgages, which are mostly variable or adjustable, contribute to this stress. Many homeowners are facing higher mortgage payments upon renewal, with a significant number due in 2025, exacerbating the situation.

Fitzrovia Real Estate is seeking approval to increase the height of the final phase of its rental development in Danforth Village, Toronto. The new proposal suggests a 56-storey building, a significant rise from the originally planned 17 storeys.

In 2025, the Greater Toronto Area (GTA) is set to welcome several remarkable developments that will enhance its skyline and community spaces. Despite the slowdown in new projects during 2024 due to challenging market conditions, these upcoming completions promise to bring innovation and growth to the region.

Canada's housing market is set for a significant rebound in 2025, driven by lower interest rates and pent-up demand from buyers. The Canadian Real Estate Association (CREA) reported a 26% year-over-year increase in home sales for November, marking the second consecutive month of such gains. This surge is largely attributed to the Bank of Canada's decision to reduce its policy rate by a total of 1.75 percentage points since June, bringing it down to 3.25%.

Montreal's real estate market experienced a significant surge in December 2024, with home sales increasing by 54.1% compared to the same month in the previous year. The Quebec Professional Association of Real Estate Brokers (QPAREB) reported that 3,193 homes were sold in the region during December, up from 2,072 in December 2023. This marks the third consecutive month with a year-over-year sales increase exceeding 40%.

In December 2024, Vancouver's real estate market experienced a notable increase in sales, accompanied by a significant rise in available properties. Data from Greater Vancouver Realtors (GVR) indicated that the benchmark price for a typical home slightly decreased by 0.1%, settling at $1.71 million. This minor adjustment left prices just 0.5% higher than the same period last year, reflecting a stabilization in the market.

In December 2024, Toronto's real estate market experienced a significant slowdown, marking its second weakest December in over a decade. The Toronto Regional Real Estate Board (TRREB) reported that only 3,359 homes were sold through the Multiple Listing Service (MLS) during the month, a 1.8% decrease from December 2023. This decline highlights the challenges the market faced, despite earlier optimism from interest rate cuts.

In December 2024, the average asking rent across Canada fell to $2,109, marking a 3.2% decrease from the same month in the previous year. This decline represents a 17-month low and continues a five-month trend of decreasing rental prices nationwide.

Oxford Properties has unveiled updated plans for its "Union Park" development at 315-325 Front Street West in Toronto, introducing significant changes to the project's scope and design. The revised proposal now features four towers, with the tallest reaching 71 storeys, marking a notable increase from the original plans submitted in 2019.

Canada has introduced new mortgage rules aimed at making homeownership more accessible. Starting December 15, 2024, the cap for insured mortgages has increased from $1 million to $1.5 million. This change allows buyers of homes valued above $1 million to qualify for smaller down payments, reducing the previous requirement of at least 20% down for such properties.

The City of Toronto has unveiled its proposed budget for 2025, which includes a 6.9% increase in property taxes. This adjustment is part of an $18.8 billion operating budget aimed at enhancing various city services and infrastructure.

In December 2024, home sales in the Greater Toronto Area (GTA) fell by 18.7% from November, reaching a five-month low with 5,359 units sold. This decline ended a four-month streak of rising sales that began after the Bank of Canada reduced its benchmark interest rate in June. Compared to December 2023, sales were down by 6.8%.

After a challenging year for Canada’s real estate market, the final quarter of 2024 brought a glimmer of hope as home prices rose by 3.8%. This uptick reflects growing buyer activity following months of market sluggishness. According to Royal LePage’s latest housing market survey, the average home price in Canada reached $809,200 in the fourth quarter, signaling the beginning of what experts believe could be a gradual recovery.

Canada's luxury real estate market is showing signs of a strong comeback, even amid political uncertainties. In 2024, major cities like Toronto, Calgary, and Montreal experienced notable growth in high-end property sales, signaling renewed confidence among affluent buyers.

In a bustling real estate market, one Toronto family stumbled upon an unexpected opportunity that led them to purchase a home they couldn't resist. Despite not actively searching for a new residence, the allure of this property was too strong to ignore.

Starting December 14, 2024, Canadians will benefit from a temporary GST/HST tax break aimed at reducing the cost of essential goods during the holiday season. This initiative, part of the federal government's broader strategy to alleviate living expenses, will run until February 15, 2025.

The Canadian housing market is expected to experience modest growth from 2025 to 2029. After a period of rapid price increases during the COVID-19 pandemic, the market is anticipated to stabilize, with home prices rising at a slower pace. Analysts predict an annual increase of approximately 1-2%, leading to a total appreciation of about 13-14% over the five-year period.

As the Canadian commercial real estate (CRE) market moves into 2025, industry experts express cautious optimism. After a challenging period marked by high-interest rates, economic uncertainty, and shifting market dynamics, there are signs of stability on the horizon. According to insights from Altus Group, a brighter outlook is emerging, though stakeholders will need to exercise patience as the sector gradually recovers.

Canada's latest unemployment report has prompted bond traders to seek safety in government bonds. The five-year government bond yield has dropped to a nine-week low, which could lead to lower fixed-rate mortgage rates.

As of January 2025, Canadian homebuyers are navigating a complex mortgage landscape influenced by various factors, including property type, location, and additional costs. Understanding these elements is crucial for securing favorable mortgage rates.

A stunning Tudor-style home in North Saanich, British Columbia, has recently been listed for $2.4 million. Nestled on 1.27 acres of lush greenery, this property at 1345 Readings Drive offers a perfect mix of old-world charm and modern comfort. The estate’s architecture and serene surroundings make it a unique find for prospective homeowners.